Inland Homes sinks after chairman, non-executive directors resign

Inland Homes

01/03/2023 13:13

** Shares of housebuilder Inland Homes  ILND.L  down as much
as 43.15% at 6p
    ** Stock hits its lowest in almost 14 years
    ** Company says Chairman Simon Bennett and group's other
non-executive directors Carol Duncumb and Brian Johnson have
resigned from their roles with immediate effect
    ** ILND says it has become aware of certain related-party
issues of which board was not informed at relevant times
    ** Bennett, however, will remain in place as non-exec
director for a maximum period of two weeks so that company can
meet minimum number of directors required - ILND
    ** Bennett's resignation from the board will become
effective on appointment of another director, company says
    ** If additional appointment takes more than two weeks to
conclude, then it will fall below the minimum requirement, and
company's shares could be suspended
    ** ILND intends to reappoint former CEO Stephen Wicks as
soon as possible
    ** Including session's losses, stock down 64.9% YTD

 (Reporting by Sinchita Mitra in Bengaluru)
 ((Sinchita.mitra@thomsonreuters.com))